Source: PaxForex Premium Analytics Portal, Technical Insight
The medium-term momentum is still bearish and the pair is holding under the declining medium-term moving averages, so the mood remains bearish and the resistance at 0.6823/38 should limit the rise. The pair will then move below 0.6703/6697 and target 0.6511/6467.
NZD/USD,D1
Pivot: 0.6811
Analysis:
While the price is below 0.6860, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.6811
- Take Profit 1: 0.6685
- Take Profit 2: 0.6600
Alternative scenario:
If the level 0.6860 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.6860
- Take Profit 1: 0.6960
- Take Profit 2: 0.7065
Comment:
RSI shows the development of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 0.7065 | 0.6685 |
| 0.6960 | 0.6600 |
| 0.6860 | 0.6515 |
